Taking Stock of Brand Strategy31/07/2017
Whilst some of us may be dreaming of exotic escapes with white sand and crystal clear waters, others are using the ‘quiet’ period of August to reflect back on 2017 so far and adjusting brand strategy plans for the remainder.
Previously coined as ‘silly season’, a time where PRs could make lucrative pitches to holiday-cover editorial staff, has turned into a busy period where brands look to reflect and pivot brand strategy plans based on the year so far. Taking the time to take stock, regroup and pivot plans is a timely task at this time of year – however inviting a deckchair on the beach may seem!
Having gone through the first half of the year, there is enough data and insight for brands/communication professionals to take a look at brand strategy performance. This is particularly important considering that according to the Gartner 2016-2017 CMO Spend Survey, of 300 marketing leaders across the US and UK, marketing budgets continued their ascent in 2016 – climbing to 12% of company revenue.
Jake Sorofman, Gartner for Marketers research Vice President, commented on the report “Survey findings show how marketing organisations, through their spending priorities, continue to lead the charge in a data-driven, digitally led world.” With more at stake, coupled with a data-heavy approach to analysis, brands need to be sure they are getting their budget spending right.
The agile approach, originally popular in the development world and now taking over business strategies globally, helps businesses make a smoother pivot in terms of brand strategy and direction. Also a buzzword usually associated with start-ups, companies of all sizes are embracing the growing trend.
So whilst the poolside cocktail may seem like a great escape this summer, don’t forget that spending some time to take stock on the year’s successes and challenges is the best way to set you up for a focused second half of 2017.